Shocking Reality: NRMA's 15% Hike in Insurance Costs - Justified or Unjust?

Hey everyone,

I recently noticed a significant increase in my NRMA comprehensive insurance premium—it's gone up by $200 (15%) in just a year. I'm curious if others in the community have experienced similar jumps in their NRMA insurance rates.

Has anyone else noticed a substantial increase in their NRMA comprehensive insurance premiums recently? It would be great to know if this is a widespread trend or if there might be specific reasons behind these hikes.

Sharing our experiences could help shed light on whether this is a company-wide change or something more individualised. If you've encountered this or have insights into why this might be happening, please share your thoughts!

Let's pool our experiences and knowledge to better understand these increases and possibly find ways to navigate them. Your input could be invaluable to many of us here.

Thanks for your contributions!

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Comments

  • +8

    Loyalty hardly pays these days- make sure you shop around when the renewal notice comes in every year (applies for everything).

  • +2

    Hi,

    These increases were quite well covered in:
    https://www.theguardian.com/australia-news/2023/jun/25/how-t…

    Shop around.

  • Same here; 18%

    Looks to be company wide.

  • +5

    15% increase is cheap.

    Shop around. Nothing more you can do

  • +4

    Let's pool our experiences and knowledge to better understand these increases

    Why? It's very well publicised why premiums have increased.

    and possibly find ways to navigate them.

    You must be new here.

    Your input could be invaluable to many of us here.

    Well that would be a first from me.

  • My contents insurance went up about 20%. Shopped around, couldn't get a better price.

  • +1

    If you ask nicely (or be a Karen, I suppose), the call centre staff have discretion to offer a one off $100 gift card.
    I took the chance to review the automatic build value increases and cost of contents - in both cases they apply substantial above inflation increases each year.

    Everyone is seeing increased premiums because of last year's floods.

  • +1

    I switched to alianz from AAMI and saved like $900.

    I expect them to raise the price by that amount + more this year

  • i switched from NRMA to aami

  • Got my RACV renewal and was about 15% increase as well
    But I did a few quotes - which were all more expensive! That's despite both years of service and loyalty discounts

    Might try kick up a fuss over the phone but I won't have any competitor quotes to back it up

    • Last year I moved from RACV to AAMI. Despite being loyal with them for years, they wouldn’t budge on price so I left.

      • AAMI ain't what she used to be though. So be wary.

  • +2

    I was with GIO and they put my premium up by 51%. No crashes or anything. Changed to AAMI.

    • Exactly the same, but it was 4 times higher - Shannons for me

      • -1

        My Shannons policy barely increased. Not sure if that's because it's a classic car on heritage plates.

    • Yep done the same. 37% increase with GIO, moved to AAMI

    • +1

      GIO, AAMI, Shannons are all Suncorp brands. Note different premiums, with some different coverage.

  • I was with NRMA and they put my premium up by 40%.

  • Shocking Reality: NRMA's 15% Hike in Insurance Costs - Justified or Unjust?

    LOL only 15%!? Considering your lucky, that sounds like a 'cheap' renewal increase compared to most who are seeing 30-50% increases.

  • Mine went up 93/month to 150/month. Shopped around and it seems range is 93-133 elsewhere. Bye Felica!

    • I called them shock horror and they matched last year.

  • Only 15%? thats quite good. My GIO car insurance went up by 37%

  • +1

    Mine went down $12. But my excess changed from $850 to $950.

  • +1

    I hope everyone realises that all these price hikes are simply because idiots are willing to pay it

  • Yep, my NRMA Comprehensive insurance has gone up 29%! The value of the car has gone down $6200. We have made no claims and no details have changed on our policy. What is going on? When the country's inflation rate is 3.7% how can this be justified?

    • It's great hey!
      Insurance companies run their own little racket and the government doesn't give a shit

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